Granada GOLD Announces Passing of Director Jacques Monette
2875 Ave Granada
Rouyn Noranda, Québec J9Y 1Y1
Tel : 819-797-4144 / Fax: 819-792-2306
GRANADA GOLD ANNOUNCES PASSING OF DIRECTOR JACQUES MONETTE
June 6, 2022, Rouyn Noranda, Quebec, Granada Gold Mine Inc. (TSXV: GGM) (the “Company” or
“Granada”) announces with great sadness the passing of its long-time director Jacques Monette.
Jacques has been an integral part of Granada Gold since 2008.
On behalf of the Board of Directors, management team and employees, we extend our deepest
sympathies and condolences to Jacques’ family. Jacques was an experienced career miner
working across Canada and around the world for over 40 years and has been on the boards of
several exploration companies over the years. Jacques will be sorely missed by all those who
knew him.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop and explore its 100% owned Granada Gold Property
near Rouyn-Noranda, Quebec, and is adjacent to the prolific Cadillac Break. The Company owns
14.73 square kilometers of land in a combination of mining leases and claims. The company is
currently undergoing a large drill program with 30,000m out of 120,000m complete. The drills are
currently paused to provide the technical team with the necessary time to evaluate and assimilate
existing data.
The Granada Shear Zone and the South Shear Zone contain, based on historical detailed mapping
as well as from current and historical drilling, up to twenty-two mineralized structures trending
east-west over five and a half kilometers. Three of these structures were mined historically from
four shafts and three open pits. Historical underground grades were 8 to 10 grams per tonne
gold from two shafts down to 236 m and 498 m with open pit grades from 3.5 to 5 grams per
tonne gold.
The property includes the former Granada Gold underground mine which produced more than
50,000 ounces of gold at 10 grams per tonne gold in the 1930’s from two shafts before a fire
destroyed the surface buildings. In the 1990’s, Granada Resources extracted a bulk sample (Pit #1)
of 87,311 tonnes grading 5.17 g/t Au. They also extracted a bulk sample (Pit # 2) of 22,095 tonnes
grading 3.46 g/t Au.
On March 15, 2021, the Company released an updated NI 43-101 resource estimate for the
Granada Gold project (Please see January 29, 2021 news release) with a combined total of
713,000 gold ounces of measured, indicated, and inferred. This estimate contains 351,000 gold
ounces of combined measured, indicated, and inferred for the open pit and 362,000 gold ounces
of combined measured, indicated, and inferred for the underground. Please see Table 2 below
for full details. Report reference: Granada Gold Project Mineral Resource Estimate Update,
Rouyn-Noranda, Quebec, Canada authored by Yann Camus, P.Eng. and Maxime Dupéré, B.Sc,
P.Geo., SGS Canada Inc. with an effective date of December 15, 2020, and signature date of March
15, 2021.
Table 2: Mineral Resource Estimate Showing Tonnes, Average Grade, and Gold Ounces
The Granada Shear Zone and the South Shear Zone contain, based on historical detailed mapping
as well as from current and historical drilling, up to twenty-two mineralized structures trending
east-west over five and half kilometers. Three of these structures were mined historically from
two shafts and two open pits. Historical underground grades were 8 to 10 grams per tonne gold
from two shafts down to 236 m and 498 m with open pit grades from 5 to 3.5 grams per tonne
gold.
The Company is in possession of all mining permits required to commence the initial mining phase,
known as the “Rolling Start”, which allows the company to mine up to 550 tonnes per day. Additional
information is available at www.granadagoldmine.com.
“Frank J. Basa”
Frank J. Basa P. Eng.
President and Chief Executive Officer
For further information, please contact:
Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144 or
Wayne Cheveldayoff, Corporate Communications, at 416-710-2410 or
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may
contain forward-looking statements including but not limited to comments regarding the timing and content of
upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes,
etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and
uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Type Category Tonnes Avg Grade Au (g/t) Gold Ounces
Open Pit
Measured 3,756,000 1.89 228,000
Indicated 1,357,000 2.55 111,000
Measured + Indicated 5,113,000 2.06 339,000
Inferred 34,000 11.29 12,000
Underground
Measured 37,000 4.22 5,000
Indicated 807,000 4.02 104,000
Measured + Indicated 844,000 4.03 109,000
Inferred 1,244,000 6.33 253,000